Arkham-tracked on-chain data shows BlackRock sold about 13,000 BTC between May 18 and May 22, 2026, with the total value estimated at roughly $1.01 billion. The selling was tied to redemptions in IBIT, BlackRock’s spot Bitcoin ETF, rather than a discretionary decision to cut Bitcoin exposure.
ETF redemptions drove the Bitcoin sales
According to the source material, BlackRock did not choose to offload Bitcoin on its own. In a spot ETF structure, the issuer has to sell the underlying BTC when investors redeem fund shares, using those proceeds to meet payouts. Most of the coins leaving BlackRock’s custody were routed through Coinbase for that process.
That distinction matters. The transactions reflected fund mechanics, not a directional bet against Bitcoin. Even so, the size of the redemptions was large enough to add short-term pressure to BTC pricing during the week.
IBIT made up most of the broader ETF outflow
The move was part of a wider pullback across U.S. spot Bitcoin ETFs. For the same period, total outflows across the segment reached about $1.26 billion, with IBIT accounting for most of that figure. By that measure, BlackRock represented the largest share of institutional Bitcoin selling in the market during those days.
The article links the broader outflows to macro conditions hitting risk assets at the same time: firmer inflation data, higher Treasury yields, and fading expectations for a near-term Federal Reserve rate cut. It also points to profit-taking after earlier 2026 gains and a general risk-off tone in markets.
BlackRock still held more than 800,000 BTC
Despite the sales, IBIT remained one of the largest Bitcoin holders in the market. As of late May 2026, the fund still held more than 800,000 BTC, with assets under management around $62 billion. Against that base, a sale of 13,000 BTC did not materially alter the scale of BlackRock’s overall position.
The source also notes that IBIT experienced heavy outflows in late 2025, followed by recoveries when macro conditions eased. Some analysts cited in the material also said part of the capital may have rotated out of Bitcoin and Ethereum-heavy exposure into higher-risk altcoins, which may explain why some areas of the crypto market held up better while BTC faced selling pressure.